What is Earned Income Tax Credit the Earned Income Tax Credit (EITC), sometimes called EIC, is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. When EITC exceeds the amount of taxes owed, it results […]
The IRS announced eight areas that it will focus on for audits of small businesses. The IRS said it is increasingly its oversight of small businesses. They believe that the small business underreporting is responsible for 84% of the $450 billion tax gap. Below are eight areas the IRS is targeting: Fringe benefits The IRS audits indicate that employers […]
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